goldsteinThe ouster of Bank of America's chief risk officer, Amy Woods Brinkley, should not cause anyone to shed any tears.

Even though Brinkley was one of the few top female executives working on Wall Street, her departure is well deserved and has nothing to with gender inequality in the world of finance as some might suggest.

It's all about failure, and there's been plenty of that at BofA, in light of the more than $150 billion in bailout money and loan guarantees U.S. taxpayers have had to float the nation's largest bank by assets.

Presumably, Brinkley signed off on BofA's disastrous move into collateralized debt obligation underwriting on the eve of the mortgage meltdown.

A case in point is the ill-fated $4 billion CDO that the bank packaged and sold for two Bear Stearns hedge funds a month before the funds' collapse in June 2007.